SSI will also import raw materials from the American company, according to Managing Director Pe Hlaing.

Both sides inked a memorandum of understanding on the joint venture business at the Sedona Hotel in Yangon on December 11. Operations will start earlier next year.

“This is the first joint venture between a local company and a foreign firm for producing [prescription drugs]. Foreign companies are allowed to engage in that business under the new government,” Pe Hlaing said.

“Local manufacturers still import pharmaceutical drugs. Under the cooperation, foreign technicians will come here to give lectures,” he added. Prescription medicines are mostly imported from India, China and Thailand.

Alvogen is one of the top 20 drug manufacturers in the world and has at least 20 branch offices around the world.